IPG Restates Revenue Back to ’97

NEW YORK–Interpublic Group on Tuesday restated revenue back to 1997, following an investigation into internal accounting imbalances at two of its units in Europe. The restatement amounted to $68.5 million, according to IPG.

After the restatement, IPG reported worldwide revenue of $1.6 billion for the second quarter, down 8 percent from the same period last year.

For the first half, worldwide revenue slid 12 percent, to just over $3 billion, compared to $3.4 billion in the same period last year.

IPG reported its numbers at the close of the market Tuesday, a week later than originally scheduled, to allow time to investigate the imbalances, which were found at units within the same marketing services network in Europe (Adweek, Aug. 12). Industry analysts are expected to ask IPG CEO John Dooner about those imbalances during a conference call that began at 5 p.m.

For the second quarter, IPG reported earnings per share of 31 cents–slightly below analysts’ expectations.